Telemedicine is the use of electronic communication to provide healthcare services to remote patients. Social distancing is one of the main strategies to mitigate the spread of infection with COVID-19. Physicians need to exploit telemedicine technology to provide patients with healthcare services, thus encouraging social distancing and reducing the risk of corona virus infection. Growing number of positive cases of corona virus along with chronic respiratory diseases have raised the adoption of telemedicine facility.
According to the report, global demand for telemedicine market was valued at approximately USD 134.40 Billion in 2019 and is expected to generate revenue of around USD 131.06 Billion by end of 2027, growing at a CAGR of around 18.2% between 2020 and 2027.
The primary driver of increasing healthcare costs is expanded use of healthcare facilities, which has lead to increased customer demand for innovative and modern technologies. This can also be attributed to the transfer of expenses, from government services to private payers. Low rates of reimbursement have increased the cost shifting pressure on hospitals and physicians who, in effect, charge private payers much higher prices for the same services, which eventually impact the health insurance rates. Elderly treatment is estimated to be four times as expensive as it is for people who are younger, and the elderly population absorbs about 45 percent of health care services.
The global market for the telemedicine is segmented into application, type, delivery mode, end user, and region. On the basis of type, the global market for telemedicine is segmented into product, and services. The product segment is further divided into hardware, software, and others. The services are further segmented into tele-consulting, tele-monitoring, tele-education/ training, and others. From this, the services segment held almost 65% share of the market by type. Fast tele-consulting service growth due to the growing number of homes in self-quarantined community. This is due to the introduction of stringent regulations such as partial or complete national lockout and rising social distancing significance
On the basis of application, the market is categorized into teleradiology, telepsychiatry, telecardiology, telepathology, teledermatology, and others. The telepsychiatry segment held almost 20% share of the market in 2019. The COVID-19 pandemic has both physical and mental effect on the patient. Because of the exponential increase in number of positive COVID-19 events, mass hysteria and fear have spread across the globe. These conditions require proper medical care, which can be efficiently given through telemedicine services.
Based on delivery mode, the market is categorized into call centers, and web/ mobile. The web/ mobile segment is further divided into telephonic, and visualized. Web/ mobile delivery held almost 70% share of the market due to the widespread adoption of internet and mobile technology, along with growing smart phone and internet users.
Based on end user, the market is categorized into payers, providers, patients, and others. The providers segment is likely to grow at high CAGR in the forecast period. Many countries in the European Union have amended the stringent guidelines for telemedicine practice. This move is taken to promote telemedicine adoption and extend the reimbursement options. In addition, this can also improve access for patients in low-resource and remote areas to healthcare facilities, who are reluctant to visit hospitals for fear of being exposed
By region, the market is divided into Europe, North America, Latin America, Asia Pacific, and Middle East & Africa. North America held almost 41% share of the overall market followed by which is the Europe market. Such regional markets are projected to display a similar pattern over the forecast period due to growing understanding of healthcare, combined with acceptance of cloud-based technologies. Due to continuous research and development programs, North America represented the highest share by sales on the global market. Asia-Pacific is expected to grow at high CAGR owing to the developing nations like India, and China and the growing demand for telemedicine and health care, in particular in rural areas in this region.
Major players in telemedicine market are Honeywell HomMed (U.S.), Allscripts Healthcare Solutions, Inc, (U.S.), Telemedicine, Inc. (U.S.), LifeWatch AG (Switzerland), Aerotel Medical Systems Ltd. (Israel), McKesson Corporation (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), AMD Global (U.S.), CISCO Systems (U.S.), and Cardiocom, LLC, (U.S.) among others.
Telemedicine software development is becoming more and more reasonable within the context of the rapid spread of the coronavirus pandemic around the world.In our fresh article, we studied the question about how the COVID-19 outbreak is impacting the healthcare industry, and in the light of the above, what the role telemedicine services could play in the fight against a pandemic.It may seem remote examination of patients is not accurate enough to make a diagnosis and give the correct course of treatment.
Yes, telemedicine is not so suitable for emergencies, such as appendicitis or a broken leg.
However, the possibilities of telemedicine are life-saving in case of the slightest suspicion of a virus, or when an urgent consultation with a doctor is needed.You can look it up:Thanks to online medicine, the social distance is reduced (there is no need to go to a crowded hospital), which means that the risk of getting infected and spreading the infection is reduced.
Access to high-quality medical services is provided to people from the most remote corners of the country and the earth, which gradually helps to reduce the disease progress curve.Hospital wards load and medical staff load is reduced, because of getting an appointment with only a few clicks.Telemedicine software requirements have been softened for the period of COVID-19.
There is enough now minimal functionality to connect the patient with the doctor and monitor the patient's condition, keep a medical history, and quickly respond to the next request.
Such a platform should contain a working panel for the doctor and the patient.
HIPAA Compliant Telemedicine Software allows health care practitioners to use telecommunications technologies to identify, diagnose, and treat patients at a distance.
Telemedicine helps you to explore symptoms, medical conditions, and more in real-time with a healthcare provider.
Telemedicine field is changing faster than ever before.
These are the following questions you can ask the telemedicine provider for the telemedicine apps development.
The radical changes in the modern healthcare industry dictated the need for breakthrough solutions.
Due to the pandemic, the whole medical sphere has been thrown out of whack.
Today, healthcare companies are seeking to provide their services from a distance, hence the need for telemedicine software development.
The telemedicine market value worldwide is expected to reach $175 billion by 2026.
Today, the interest in such services is boosting and is projected to elevate further.
Therefore, if you are planning your own telemedicine app development, right now is an excellent time to start.For more information read the article.
With the growth in technology, the healthcare sector is trying to keep up with the coming trends and tools.
Many hospitals, clinics, and medical care centers are adding telemedicine applications into their existing health care systems.
With the help of technologies and digital tools, it has become easier to develop a telemedicine application.
With the help of branded telemedicine app development solutions, healthcare organizations can easily and quickly upload their applications in the app store or any app market.
With the help of white label telemedicine app development, healthcare organizations can save a ton of money and time.
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